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HEXClear Settlement System Launched

Date 10/11/2003

Today sees the clearing and settlement of the first trades in HEXClear, the new settlement system at HEX Helsinki. HEXClear will gradually replace the old KATI system. Shares will be directed to the new system by classes of shares; all shares will be transferred to HEXClear by the end of 2003.

"HEXClear is a real-time settlement system that is based on diversified system architecture and open interfaces", explains Heikki Sirve, President in charge of the Settlement & Depository business area within the HEX Integrated Markets division. "As a result, the system is significantly more scalable and flexible. This also further facilitates remote member access and the integration of their own applications to the system."

The adoption of the new settlement system is a step towards Nordic service structure and enhances the overall cost-efficiency of the market. HEXClear also meets the demands of and recommendations on international clearing and settlement activities. The CCP operation model (centralised counter-party system) may also be put to use with HEXClear when necessary.